Shrama Abhimani

For applicants interested in obtaining housing loans from SMIB under the

EPF housing loan scheme

​

1. Eligible purposes

​

To construct a house.

To purchase a house

To purchase a building site.

Extension of a house.

To repair or renovate a house.

To redeem a loan obtained for any of the above purpose from financial institutions /Individual person.

To obtain Electricity, water supply facilities etc.

2. Eligible Borrowers

​

Should be a member of Employees Provident Fund at Central bank of Sri Lanka & could be applied as

Individuals

Joint applicants - Husband & wife

3. Maximum of Loan Amount

​

Up to 75% of the EPF balance as certified by the Central Bank of Sri Lanka and according to your repayment capacity.

4. Repayment Period

​

The maximum repayment period is 15 years or reaching the age of 60 years whichever is lower. Minimum repayment period is 3 years.

5. Security of the Loan

​

Assignment of balance lying in the EPF at the Central Bank of Sri Lanka (Mortgage of property not required)

6. Bank charges

​

Initial deposit- Rs. 1000/-

Bank charges- 1% of the loan amount

ACL charges –Rs. 1000/-

Bank /ACL charges will be recovered at the time of releasing the loan

Other charges- Inspection , CRIB etc (If applicable)

Loan applicants should open a savings A/C at SMIB (Minimum deposits is Rs. 500/=)

7. How to apply

​

Application form could be obtained from SMIB Head Office or any of our branches or from the Labour office situated in the district where the relevant property is situated. The duly completed application form together with other documents should be forwarded with duplicate set of documents to the same labour office.